Florida Governor Ron DeSantis has recently hin hinted at removing property taxes from the burgeoning cost of living for Florida residents. It would be a welcome relief to home ownership due to rising taxes and insurance, not to mention interest rates that doubled in a few months creating a situation ripe for shifting to a buyer's market. Seems like a pipe dream, but we can remain hopeful.
This month, each Treasure Coast County's stats are showing increased active inventory, longer days on market, and fewer closed sales. Palm Beach and St Lucie County median sale prices are flat with Indian River County losing 10% and Martin County home prices are up over 6%.
Here's Palm Beach County's numbers...
and St Lucie County...
while Indian River County single-family homes have dropped by 10% in median sale price.
Martin County home values have risen by over 6% over the last year.
Inventory has risen and demand in some areas is holding. With the huge rise in inventory on the market, it's taking longer to sell houses by more than two months compared to a year ago. The median percent of original list price averages 94% on the Treassure Coast.
Understanding what's happening in the market helps you as a buyer or seller when considering transacting real estate. For a free consultation or details on your county, town, or neighborhood, visit monaleonard.com or call 772-530-6131.